Loans Held for Investment (Tables)

6 Months Ended

Dec. 31, 2022

Loans Held for Investment

Schedule of loans held for investment

	December 31,		June 30,
(In Thousands)	2022		2022
Mortgage loans:
Single-family	$	479,730	$	378,234
Multi-family		465,350		464,676
Commercial real estate		88,200		90,429
Construction		2,388		3,216
Other		112		123
Commercial business loans		1,358		1,206
Consumer loans		75		86
Total loans held for investment, gross		1,037,213		937,970
Advance payments of escrows		176		47
Deferred loan costs, net		8,778		7,539
Allowance for loan losses		(5,830)		(5,564)
Total loans held for investment, net	$	1,040,337	$	939,992

Schedule of loans held for investment, contractual repricing

	Adjustable Rate
			After		After		After
		Within	One Year		3 Years		5 Years
(In Thousands)	One Year		Through 3 Years		Through 5 Years		Through 10 Years		Fixed Rate		Total
Mortgage loans:
Single-family	$	50,448	$	21,760	$	45,263	$	252,713	$	109,546	$	479,730
Multi-family		134,058		131,757		148,714		50,672		149		465,350
Commercial real estate		40,491		16,720		29,679		—		1,310		88,200
Construction		494		174		—		—		1,720		2,388
Other		—		—		—		—		112		112
Commercial business loans		1,291		—		—		—		67		1,358
Consumer loans		75		—		—		—		—		75
Total loans held for investment, gross	$	226,857	$	170,411	$	223,656	$	303,385	$	112,904	$	1,037,213

Schedule of gross loans held for investment by loan types and risk category

	December 31, 2022
					Commercial				Other		Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction		Mortgage		Business		Consumer		Total
Pass	$	478,691	$	464,836	$	87,648	$	2,388	$	112	$	1,358	$	75	$	1,035,108
Special Mention		—		514		—		—		—		—		—		514
Substandard		1,039		—		552		—		—		—		—		1,591
Total loans held for investment, gross	$	479,730	$	465,350	$	88,200	$	2,388	$	112	$	1,358	$	75	$	1,037,213

	June 30, 2022
					Commercial					Other	Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction			Mortgage	Business		Consumer		Total
Pass	$	376,502	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	936,238
Special Mention		224		—		—		—		—		—		—		224
Substandard		1,508		—		—		—		—		—		—		1,508
Total loans held for investment, gross	$	378,234	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	937,970

Schedule of allowance for loan losses and recorded investment

	Quarter Ended December 31, 2022
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,450		$	3,305		$	806		$	22		$	3		$	48		$	4		$	5,638
Provision (recovery) for loan losses		149			(5)			41			(5)			—			10			1			191
Recoveries		1			—			—			—			—			—			—			1
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,600		$	3,300		$	847		$	17		$	3		$	58		$	5		$	5,830
Allowance for loan losses:
Individually evaluated for impairment	$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	38
Collectively evaluated for impairment		1,562			3,300			847			17			3			58			5			5,792
Allowance for loan losses, end of period	$	1,600		$	3,300		$	847		$	17		$	3		$	58		$	5		$	5,830
Loans held for investment:
Individually evaluated for impairment	$	810		$	—		$	—		$	—		$	—		$	—		$	—		$	810
Collectively evaluated for impairment		478,920			465,350			88,200			2,388			112			1,358			75			1,036,403
Total loans held for investment, gross	$	479,730		$	465,350		$	88,200		$	2,388		$	112		$	1,358		$	75		$	1,037,213
Allowance for loan losses as a percentage of gross loans held for investment		0.33	%		0.71	%		0.96	%		0.71	%		2.68	%		4.27	%		6.67	%		0.56	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.00)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.00)	%

	Quarter Ended December 31, 2021
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction				Other		Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,827		$	4,525		$	967		$	49		$	3		$	37		$	5		$	7,413
(Recovery) provision for loan losses		(693)			(306)			(52)			6			—			(22)			—			(1,067)
Recoveries		262			—			—			—			—			—			—			262
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,396		$	4,219		$	915		$	55		$	3		$	15		$	5		$	6,608
Allowance for loan losses:
Individually evaluated for impairment	$	52		$	—		$	—		$	—		$	—		$	—		$	—		$	52
Collectively evaluated for impairment		1,344			4,219			915			55			3			15			5			6,556
Allowance for loan losses, end of period	$	1,396		$	4,219		$	915		$	55		$	3		$	15		$	5		$	6,608
Loans held for investment:
Individually evaluated for impairment	$	1,583		$	—		$	—		$	—		$	—		$	—		$	—		$	1,583
Collectively evaluated for impairment		288,662			466,467			91,236			3,501			134			362			78			850,440
Total loans held for investment, gross	$	290,245		$	466,467		$	91,236		$	3,501		$	134		$	362		$	78		$	852,023
Allowance for loan losses as a percentage of gross loans held for investment		0.48	%		0.90	%		1.00	%		1.57	%		2.24	%		4.14	%		6.41	%		0.77	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.37)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.12)	%

	Six Months Ended December 31, 2022
							Commercial									Commercial
(In Thousands)	Single-family			Multi-family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,383		$	3,282		$	816		$	23		$	3		$	52		$	5		$	5,564
Provision (recovery) for loan losses		212			18			31			(6)			—			6			—			261
Recoveries		5			—			—			—			—			—			—			5
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,600		$	3,300		$	847		$	17		$	3		$	58		$	5		$	5,830
Allowance for loan losses:
Individually evaluated for impairment	$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	38
Collectively evaluated for impairment		1,562			3,300			847			17			3			58			5			5,792
Allowance for loan losses, end of period	$	1,600		$	3,300		$	847		$	17		$	3		$	58		$	5		$	5,830
Loans held for investment:
Individually evaluated for impairment	$	810		$	—		$	—		$	—		$	—		$	—		$	—		$	810
Collectively evaluated for impairment		478,920			465,350			88,200			2,388			112			1,358			75			1,036,403
Total loans held for investment, gross	$	479,730		$	465,350		$	88,200		$	2,388		$	112		$	1,358		$	75		$	1,037,213
Allowance for loan losses as a percentage of gross loans held for investment		0.33	%		0.71	%		0.96	%		0.71	%		2.68	%		4.27	%		6.67	%		0.56	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.00)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.00)	%

	Six Months Ended December 31, 2021
							Commercial									Commercial
(In Thousands)	Single-family			Multi-family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,000		$	4,485		$	1,006		$	51		$	3		$	36		$	6		$	7,587
(Recovery) provision for loan losses		(1,031)			(266)			(91)			4			—			(21)			(1)			(1,406)
Recoveries		427			—			—			—			—			—			—			427
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,396		$	4,219		$	915		$	55		$	3		$	15		$	5		$	6,608
Allowance for loan losses:
Individually evaluated for impairment	$	52		$	—		$	—		$	—		$	—		$	—		$	—		$	52
Collectively evaluated for impairment		1,344			4,219			915			55			3			15			5			6,556
Allowance for loan losses, end of period	$	1,396		$	4,219		$	915		$	55		$	3		$	15		$	5		$	6,608
Loans held for investment:
Individually evaluated for impairment	$	1,583		$	—		$	—		$	—		$	—		$	—		$	—		$	1,583
Collectively evaluated for impairment		288,662			466,467			91,236			3,501			134			362			78			850,440
Total loans held for investment, gross	$	290,245		$	466,467		$	91,236		$	3,501		$	134		$	362		$	78		$	852,023
Allowance for loan losses as a percentage of gross loans held for investment		0.48	%		0.90	%		1.00	%		1.57	%		2.24	%		4.14	%		6.41	%		0.77	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.31)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.10)	%

Schedule of allowance for loan losses

The following table is provided to disclose additional details for the periods indicated on the Corporation’s allowance for loan losses:

	For the Quarter Ended						For the Six Months Ended
	December 31,						December 31,
(Dollars in Thousands)	2022			2021			2022			2021
Allowance at beginning of period	$	5,638		$	7,413		$	5,564		$	7,587
Provision (recovery) for loan losses		191			(1,067)			261			(1,406)
Recoveries:
Mortgage loans:
Single-family		1			262			5			427
Total recoveries		1			262			5			427
Total charge-offs		—			—			—			—
Net recoveries (charge-offs)		1			262			5			427
Balance at end of period	$	5,830		$	6,608		$	5,830		$	6,608
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period		0.56	%		0.77	%		0.56	%		0.77	%
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized)		(0.00)	%		(0.12)	%		(0.00)	%		(0.10)	%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period		561.12	%		196.20	%		561.12	%		196.20	%

Schedule of recorded investment in non-performing loans

	At December 31, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	981	$	—	$	981	$	(83)	$	898
Without a related allowance(2)		86		(28)		58		—		58
Total single-family loans		1,067		(28)		1,039		(83)		956
Total non-performing loans	$	1,067	$	(28)	$	1,039	$	(83)	$	956

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

	At June 30, 2022
	Unpaid		Related						Net
	Principal		Charge-offs		Recorded				Recorded
(In Thousands)	Balance		Related		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	993	$	—	$	993	$	(85)	$	908
Without a related allowance(2)		548		(33)		515		—		515
Total single-family loans		1,541		(33)		1,508		(85)		1,423
Total non-performing loans	$	1,541	$	(33)	$	1,508	$	(85)	$	1,423

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

Schedule of past due status of gross loans held for investment, net of fair value adjustments

	December 31, 2022
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	478,691	$	—	$	1,039	$	479,730
Multi-family		465,350		—		—		465,350
Commercial real estate		88,200		—		—		88,200
Construction		2,388		—		—		2,388
Other		112		—		—		112
Commercial business loans		1,358		—		—		1,358
Consumer loans		71		4		—		75
Total loans held for investment, gross	$	1,036,170	$	4	$	1,039	$	1,037,213

(1) All loans 90 days or greater past due are placed on non-accrual status.

	June 30, 2022
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	376,726	$	—	$	1,508	$	378,234
Multi-family		464,676		—		—		464,676
Commercial real estate		90,429		—		—		90,429
Construction		3,216		—		—		3,216
Other		123		—		—		123
Commercial business loans		1,206		—		—		1,206
Consumer loans		83		3		—		86
Total loans held for investment, gross	$	936,459	$	3	$	1,508	$	937,970

(1) All loans 90 days or greater past due are placed on non-accrual status.

Schedule of troubled debt restructurings by nonaccrual versus accrual status

	At		At
(In Thousands)	December 31, 2022		June 30, 2022
Restructured loans on non-accrual status:
Mortgage loans:
Single-family	$	714	$	722
Total		714		722
Restructured loans on accrual status:
Mortgage loans:
Single-family		258		3,748
Total		258		3,748
Total restructured loans	$	972	$	4,470

Schedule of recorded investment in restructured loans

	At December 31, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	752	$	—	$	752	$	(38)	$	714
Without a related allowance(2)		258		—		258		—		258
Total single-family		1,010		—		1,010		(38)		972
Total restructured loans	$	1,010	$	—	$	1,010	$	(38)	$	972

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

	At June 30, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	760	$	—	$	760	$	(38)	$	722
Without a related allowance(2)		3,748		—		3,748		—		3,748
Total single-family		4,508		—		4,508		(38)		4,470
Total restructured loans	$	4,508	$	—	$	4,508	$	(38)	$	4,470

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

Schedule of Nonperforming Loans on Interest Income

		Quarter Ended December 31,
	2022				2021
		Average	Interest		Average		Interest
		Recorded	Income		Recorded		Income
(In Thousands)		Investment	Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	59	$	—	$	667	$	91
		59		—		667		91
With related allowances:
Mortgage loans:
Single-family		984		15		2,283		24
Multi-family		—		—		1,253		16
		984		15		3,536		40
Total	$	1,043	$	15	$	4,203	$	131

	Six Months Ended December 31,
	2022				2021
		Average	Interest		Average		Interest
		Recorded	Income		Recorded		Income
(In Thousands)		Investment	Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	93	$	—	$	742	$	231
		93		—		742		231
With related allowances:
Mortgage loans:
Single-family		987		20		4,055		71
Multi-family		—		—		1,183		31
		987		20		5,238		102
Total	$	1,080	$	20	$	5,980	$	333